Dear Mr. Basavaraj,
I have been reading your blogs on financial planning on and off.
I am in a dilemma over an insurance plan and would appreciate to have your wise advice.
My wife purchased HDFC SL Crest Insurance Plan in 2012. Below are the details:
Insurance Plan: HDFC SL Crest (Highest NAV Guarantee)
Sum Assured: 5 Lacs
Policy Inception: Sep 2012
Policy Term: 10 yrs (2012-2022)
Premium Paying Term: 5 yrs (2012-2017)
We paid the premium for 2 yrs i.e. 2012 and 2013.
In 2014, the premium was not paid and the policy is in lapsed status.
We get notification from a bank that we can reinstate policy w/o any additional charges and all our benefits linked to a policy will be reinstated as original.
Can you advise me whether it will be beneficial to reinstate this policy or we could do something else?
PS: My wife is on maternity break since 2013 and may start working again. She may still need some investment for tax saving.
Thanks in advance for your guidance.